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Hoover
to buy Multi-Tool, Multi-Plastics
By Keith Gushard 03/30/07
Conneaut Lake businessman
Eric Hoover plans to buy another Crawford County tooling and
machining firm and its related businesses.
Hoover,
owner of Excalibur Machine Co., will acquire Multi-Tool Inc. and
Multi-Plastics Inc. of Saegertown and Multi-Plastics of New Mexico
Inc. in Las Cruses, N.M., from their present owners, James Johnston
and Victor Camasi Sr. Excalibur bought Sipco Molding Technologies
of Meadville, a tooling and machining firm, in October 2006. Terms
of the pending deal with Multi-Tool, Multi-Plastics aren't being
disclosed, said Gary Alizzeo, an attorney with Shafer Law Firm
of Meadville, which represents both Excalibur and Multi-Tool and
their affiliated firms. Its confidential, they're private companies,
he said Thursday. In April, it will be done. Hoover, Johnston
and Camasi all were out of town on vacation and unavailable for
comment. Multi-Tool, founded in 1974, designs and builds precision
plastic injection molds used by the automotive and electronics
industries. Multi-Plastics, established in 1980, is a custom injection
molder and does work primarily serving electronics and consumer
industries. Multi-Plastics New Mexico plant was established in
1998. The three Multi entities have a total of 110 employees.
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Excalibur, founded
in 1988, makes large parts primarily for locomotives, rail cars,
material handling systems and equipment for mining, glass handling
and heavy construction. It and its affiliated firms have approximately
125 employees, Alizzeo said.
The acquisition, when
completed, will be the second in about six months by Hoover and
Excalibur.
In October 2006, it
bought Sipco Molding Technologies of Meadville for an undisclosed
sum. Sipco, founded in 1959, does design, mold building and precision
machining and plastic parts manufacturing primarily for the medical
and consumer products industries. It has about 65 employees.
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| President Bush congratulates Eric Hoover for being named the National Small Business Person of the Year in 2006. |
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No layoffs are planned
in the wake of the Multi-Tool, Multi-Plastics acquisitions, Alizzeo
said, adding that employees of all the companies were informed
of the pending deal last Friday. We're expecting job growth, he
said. They're in complementary markets. We're really excited about
the combination of such well-established companies.
Excalibur has posted
sales growth of more than 350 percent in about the past five years,
according to the U.S. Small Business Administration.
In April, Hoover was
named the SBAs National Small Business Person of the Year for
2006.
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